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At Demure Garden Centre, a company that follows IFRS, the accounting software produced the following Income Statement Income statement 01/01/2020-12/31/2020 Sales revenue (N #1) $8,770,000 Less: 5,300,000 Cost of goods sold (N #1) Other selling expenses (N #1) 415,000 Sales salaries 521,000 Other administrative expenses (N #1) 382,000 Administrative salaries 217,000 Interest expense 35,000 Income before income tax 1,400,000 Income tax 420.000 Income before inusual item in #2) 980 17, Income before unusual item (N #3) 980,000 Loss (net of taxes) 182,000 Net income $798,000 Additional information: Note #1 - In late 2020, the company sold its micro-brewery division that it had been operating since 2017. Financial information regarding the discontinued micro-brewery is as follows: The loss on the sale of this discontinued division's assets was $300,000 which is included above as part of other administrative expenses". For the year ended December 31, 2020, sales revenue were $1 million, cost of goods sold were $300,000 and other selling expenses were $315,000, all of which are also included above. Note #2.- The tax rate for Demure is 30%. Note #3 - The loss was due to squirrel damage to the electrical wiring at the main garden centre. Note #4 - The company had no preferred shares and 50,000 common shares. The company also paid $200,000 in cash dividends to the common Additional information: Note #1 - In late 2020, the company sold its micro-brewery division that it had been operating since 2017. Financial information regarding the discontinued micro-brewery is as follows: The loss on the sale of this discontinued division's assets was $300,000 which is included above as part of other administrative expenses For the year ended December 31, 2020, sales revenue were but million cost of goods sold were $300,000 and other selling expenses were 5315,000, all of which are also included above. Note 2-The tax rate for Demure is 30% Note #3 - The loss was due to squirrel damage to the electrical wiring at the main garden centre Note 4 - The company had no preferred shares and 50,000 common shares. The company also paid $200,000 in cash dividends to the common shareholders Instructions: Prepare a properly formatted multi-step statement of financial performance showing expenses by function and including EPS. At Demure Garden Centre, a company that follows IFRS, the accounting software produced the following Income Statement Income statement 01/01/2020-12/31/2020 Sales revenue (N #1) $8,770,000 Less: 5,300,000 Cost of goods sold (N #1) Other selling expenses (N #1) 415,000 Sales salaries 521,000 Other administrative expenses (N #1) 382,000 Administrative salaries 217,000 Interest expense 35,000 Income before income tax 1,400,000 Income tax 420.000 Income before inusual item in #2) 980 17, Income before unusual item (N #3) 980,000 Loss (net of taxes) 182,000 Net income $798,000 Additional information: Note #1 - In late 2020, the company sold its micro-brewery division that it had been operating since 2017. Financial information regarding the discontinued micro-brewery is as follows: The loss on the sale of this discontinued division's assets was $300,000 which is included above as part of other administrative expenses". For the year ended December 31, 2020, sales revenue were $1 million, cost of goods sold were $300,000 and other selling expenses were $315,000, all of which are also included above. Note #2.- The tax rate for Demure is 30%. Note #3 - The loss was due to squirrel damage to the electrical wiring at the main garden centre. Note #4 - The company had no preferred shares and 50,000 common shares. The company also paid $200,000 in cash dividends to the common Additional information: Note #1 - In late 2020, the company sold its micro-brewery division that it had been operating since 2017. Financial information regarding the discontinued micro-brewery is as follows: The loss on the sale of this discontinued division's assets was $300,000 which is included above as part of other administrative expenses For the year ended December 31, 2020, sales revenue were but million cost of goods sold were $300,000 and other selling expenses were 5315,000, all of which are also included above. Note 2-The tax rate for Demure is 30% Note #3 - The loss was due to squirrel damage to the electrical wiring at the main garden centre Note 4 - The company had no preferred shares and 50,000 common shares. The company also paid $200,000 in cash dividends to the common shareholders Instructions: Prepare a properly formatted multi-step statement of financial performance showing expenses by function and including EPS

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